SBA Issues Rule To Update Contractors' Small Biz Status

Law360, New York (August 21, 2012, 9:52 PM EDT) -- The U.S. Small Business Administration issued a rule Monday updating the agency's small business size standards to reflect recent changes to the North American Industry Classification System that it uses to sort contractors by industry, impacting some contractors' ability to qualify as small businesses.

The Office of Management and Budget, which periodically updates the NAICS codes to mark changes in the U.S. economy, recently created 76 new industry codes and modified 13 NAICS codes from 2007. In the interim final rule, the SBA said it would...